Nifty futures open higher today made a high of 6154 and closed the day at 6111.65. The net fall was negligible which suggest lack of momentum on the downside. On price chart we are near the rising channel bottom and we need to close below it convincingly. The level of 6063 is critical on the downside. Nifty futures need to stay above the 6139 level for recovery of loss from the recent highs of 6239. On indicators RSI is sideways and momentum on downside below 55 levels and upside above 68 levels. MACD is still to form a top so no trend reversal here. MFI is showing some negative divergence and is early as always but needs to go below the 40 levels for momentum. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
Spot Nifty Levels for Trading on Thursday :
No trade between 6085 and 6124(To avoid whipsaws)
Buy above 6124 sl of 6104
targets 6143-6162(add positions, breakout on the upside),
6181-6200-6219-6238-6257.
Sell below 6085 sl of 6105
targets 6086-6067(add positions,breakout on the downside)
6048-6029-6010-5991-5972.
Happy Trading !!!
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